Effective Sept 23 last year, the company’s common shares were posted and called for trading on the Vancouver Stock Exchange and the common shares of Consolidated Knobby Lake Mines (its predecessor company) were delisted.
Last month, Kancana signed an option agreement with Lode Resource Cor (VSE) giving Kancana the right to earn a 50% interest in the Lacy-Stokes property by spending $1 million and issuing 200,000 shares over the next three years.
The Lacy-Stokes property is located near Port Alberni on Vancouver Island. A $300,000 exploration program is planned and will consist of trenching, sampling and diamond drilling.
An exploration program to upgrade reserves has been recommended for Kancana’s MacBride Lake zinc-copper property near Lynn Lake, Man.
The MacBride Lake property contains proven reserves of 236,118 tons grading 8.29% zinc. Total reserves in all categories are estimated at two million tons grading 8% zinc and 0.35% copper.
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